The mortgage rate climate of the last two years has been less than ideal. After mortgage rates plummeted in 2020 and 2021 in response to the pandemic, they surged in 2022 and 2023 in response to inflation and an elevated benchmark interest rate. By last summer they were at their highest level since 2000. And while they've come down slightly since, they're still not where most buyers would prefer they be. The average mortgage rate for a 30-year loan stands at 7.
It makes sense, then, to be prepared to act before any of those factors cause rates to rise. So, for example, if most economists predict a rate hike announcement, it can be beneficial to act aggressively before it is made official. If it doesn't come to fruition you can always unlock and re-lock a lower rate before closing — or you can refinance in the future. If you're not prepared to act quickly, however, you could lose your ideal window of opportunity.
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